Taxes 2: Question Preview (ID: 16172)

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the amount you earn before taxes are withheld
a) gross income
b) taxable income
c) net income
d) Form 1040EZ

the law that requires workers to contribute to Social Security and Medicare
a) Internal Revenue Service (IRS)
b) business or license tax
c) Federal Insurance Contributions Act (FICA)
d) Social Security Number

a number used to determine the amount of income tax withheld from your pay
a) net income
b) withholding allowance
c) tax deduction
d) IRS

a unique code used by the government throughout your life to identify you as a taxpayer and keep track of your earnings and tax records
a) taxable income
b) tax return
c) tax deduction
d) Social Security Number

a summary of your earnings, how much you made in one tax year
a) W-2 form
b) gift tax
c) Form 1040EZ
d) Form W-4

paid on the property that is received by those legally entitled to inherit
a) sales tax
b) estate tax
c) excise tax
d) gift tax

paid to the government based on your income and your financial and family situation
a) estate tax
b) excise tax
c) income taxes
d) payroll taxes

Taxes on the production or sale of a particular good or service,examples gasoline and other fuels, and taxes on tobacco and alcoho
a) gift tax
b) sales tax
c) excise tax
d) estate tax

a person you support financially, such as a child
a) tax credit
b) net income
c) estate tax
d) dependent

A form that you fill out to provide the information your employer needs to determine the proper amount to withhold from your paycheck
a) Form 1040EZ
b) Form W-4
c) Form W-2
d) Form 1099-INT

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